Transocean (NYSE:RIG) PT Lowered to $7.00

Transocean (NYSE:RIG) had its price objective trimmed by Evercore ISI from $9.00 to $7.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the offshore drilling services provider’s stock.

Several other brokerages have also weighed in on RIG. Morgan Stanley dropped their target price on Transocean from $8.00 to $7.00 and set an equal weight rating on the stock in a research report on Monday, February 26th. Bank of America upped their target price on shares of Transocean from $5.50 to $6.00 and gave the stock an underperform rating in a research report on Monday, April 15th. Susquehanna raised Transocean from a neutral rating to a positive rating and lifted their price target for the company from $5.50 to $9.00 in a report on Monday, April 8th. StockNews.com upgraded Transocean to a sell rating in a research report on Tuesday, February 20th. Finally, Benchmark reiterated a buy rating and set a $8.00 price target on shares of Transocean in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Transocean has an average rating of Hold and an average price target of $7.70.

Transocean Price Performance

Shares of NYSE:RIG opened at $5.57 on Wednesday. The company’s fifty day moving average is $5.77 and its two-hundred day moving average is $5.94. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.35 and a quick ratio of 1.22. Transocean has a 1-year low of $4.45 and a 1-year high of $8.88.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.10. The firm had revenue of $767.00 million for the quarter, compared to analyst estimates of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. Transocean’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.38) earnings per share. Equities research analysts forecast that Transocean will post 0.01 EPS for the current fiscal year.

Institutional Trading of Transocean

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIG. OLD Point Trust & Financial Services N A acquired a new stake in shares of Transocean during the 4th quarter valued at $25,000. VisionPoint Advisory Group LLC purchased a new position in Transocean in the 4th quarter worth about $28,000. Private Trust Co. NA raised its holdings in Transocean by 1,489.8% during the 4th quarter. Private Trust Co. NA now owns 8,537 shares of the offshore drilling services provider’s stock worth $54,000 after buying an additional 8,000 shares during the period. Fermata Advisors LLC acquired a new position in shares of Transocean in the first quarter worth about $75,000. Finally, First Western Trust Bank purchased a new position in shares of Transocean in the fourth quarter worth approximately $76,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.